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Well, where are we? Defensive sectors like healthcare, and in particular Big Pharma, continue to underperform as we continue to participate in the Great Recession Run-Up. I am down -20 in CAPS currently on ABT, for example. This is a dividend aristocrat and one of the greatest companies in the world, and I think I bought at a decent price both initially, and in January. MSFT, one of the world's greatest companies, continues to trade at a sharp discount to the S&P. Stocks like MDT, though I don't own it, are good long-term values as well. [more]